Argentine peso falls despite IMF loan increase to $57bn
The Argentine Peso opened low against the dollar today despite the International Monetary Fund boosting the country's loan to $57.1bn.
The peso opened at 39.25 against the dollar today as it edged back towards record lows.
The IMF funding, which was secured last night, is an increase of $7.1bn on the deal that was agreed in June
Read more: Argentina announces austerity measures to deal with currency crisis
IMF managing director Christine Lagarde said: “Argentina has developed a strengthened economic plan that is aimed at bolstering confidence and stabilising the economy.
"At the core of the new plan is a fiscal policy aimed at strengthening its fiscal position and having a sustainable, appropriately financed budget, a strong monetary policy focused on reducing inflation, a floating exchange rate policy without intervention."
The peso tumbled on Tuesday as the governor of the Argentina's central bank resigned amid a general strike across the country over President Mauricio Macri's handling of the economy.
In August Macri hiked interest rates to 60 per cent and earlier this month announced austerity measures in a bid to stabilise the struggling peso.
Read more: Peso slides as Argentina's central bank chief Luis Caputo resigns